Sold

Windsor Arms Apartments

1016 East 8th Avenue, Vancouver

Apartment Building
35 Suites

SOLD $4,180,000

Overview

Pride of ownership! Built in 1978, Windsor Arms Apartments is a 35 unit, 4 storey frame apartment building in pristine condition located in Vancouver’s emerging Mount Pleasant area. Features balconies, secure parking, elevator, views, surveillance system and many upgrades. Tenants pay for electric heat.

Location

The subject property is located in the Mount Pleasant area of Vancouver. It is situated between Windsor Street and Glen Drive on the south side of East 8th. One block South of China Creek North Park. Close to transportation and shopping on Broadway & Commercial Drive; 1/2 block west of Vancouver Community College and only few minute walk to the new Skytrain station at Great Northern Way and Clark Dr.

Improvements

– Roof replaced (1993)
– Exterior painted (2003)
– East & south siding replaced (1999)
– Main line from furnace replaced
– 2 newer hot water tanks (2003 & 2005)
– 33 suites re-carpeted
– 4 suites new cabinets
– Most fridges/overhead fans replaced
– Main hot water line replaced on main floor
– Isolation valves installed on hot water risers
– Secure underground parking for 36 cars (incl. 3 stalls used for storage)
– Surveillance system
– Balconies for all suites
– Tenants pay electric heat and cable
– Laundry room (2 washers/2 dryers leased from Phelps)
– 3 ft. crawl space
– Spectacular views of North Shore
– Power smart hall lighting
– Most suites have in suite storage
– Concrete in floors
– Back yard fenced
– Meticulous landscaping
– Attractive tiled lobby
– One unauthorized bachelor unit

Summary

Price$4,495,000
Units35
Price/Unit$128,429
Cap Rate4.3%
GIM15.4
Year Built1978
Lot Size131.97' x 121.95'
ZoningRM-4
PID007-316-208
Sale Price$4,180,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units8
One BedroomNo. Units27

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$1,240,000
Building$1,351,000
Total$2,591,000
Taxes 2005
$15,985.95
Income and Expenses
Gross Income
Less Vacancy 1.2%
Effective Gross
Stabilized 2005 Expenses ($2782/unit; 33%)
Net Operating Income
Gross Income$292,560
Vacancy(3,510)
Effective Gross$289,050
Operating Expenses(97,379)
Net Operating Income$191,671
NotesIncome annualized as of March 2006.

For rent roll and  income & expense statement, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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